• 아태비즈니스연구
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• 제11권4호
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• pp.243-254
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• 2020

Purpose - This paper explores whether overnight returns measured from the last closing price to today's opening price explain the cross-section of stock returns. Design/methodology/approach - This study is conducted using the Korean stock market data from 1998 to 2018, obtained from DataGuide database. The analysis begins with portfolio-level tests, followed by firm-level cross-sectional regressions. Findings - First, when decile portfolios sorted on the daily average of overnight returns in the previous months, the highest decile portfolio exhibits a significant negative risk-adjusted return. This suggests that stocks with higher average overnight returns are temporarily overvalued due to buying pressure from investors. Second, at least 6 months of persistence exists in average overnight returns, which is in line with the results reported by Barber, Odean and Zhu (2009) that investor sentiment persists over several weeks. Finally, Fama-MacBeth cross-sectional regression of expected returns after controlling for a variety of firm characteristic variables such as firm size, book-to-market ratio, market beta, momentum, liquidity, short-term reversal, the slope coefficient for overnight returns remains negative and statistically significant. Research implications or Originality - Overall, the evidence consistently suggests that overnight return is considered as a new priced factor in the cross-section of expected returns. The findings of this paper not only adds to finance literature, but also could be useful to practitioners in making stock investment decision.

• 한국지반신소재학회논문집
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• 제17권1호
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• pp.111-118
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• 2018

단층 등 취약지반 조건에서의 터널굴착 시 터널천단 및 측벽변위의 억제를 목적으로 하는 각부보강공이 일반적으로 적용되고 있으며, 터널 단면증가 변화율에 따른 각부보강공 설치각도 및 길이를 고려한 지보안전성 확인을 위한 주요 인자로서 내공변위 천단침하 각부침하 각부축력 등의 여러 응력변위 특성 변수들이 있다. 이러한 굴착중 안전성확인을 위한 변수들에 대한 검토 결과, 우각부 침하영향성이 단면증가율 보다 더 큰 변위경향을 보이는 가장 중요한 중점관리 지배요소로 분석되었으며, 터널단면 증가 변화율에 대한 각 보강공 길이별 축력의 변화관점에서는 큰 연관성을 보여주지 못하는 터널단면 증가율 대비 작은 증가율을 나타냈다. 또한, 각부 보강공 축력의 발생경향은 터널 단면증가율보다 보강공 마찰지지 개념 메커니즘에 따른 거동 영향성을 보여주는 것으로 분석되었다. 본 연구결과, 일정한 길이의 각부 보강공이 선정될 경우 지반불량 구간에서의 터널 단면이 다소 대단면화하여도 무리하게 각부보강공의 길이를 연장시키지 않는 것이 시공성 및 경제성을 고려한 보다 더 합리적인 방법으로 판단된다.

• Journal of Information Technology Applications and Management
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• 제11권1호
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• pp.83-100
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• 2004

Understanding characteristics of Internet businesses from a cross-cultural perspective could offer valuable insights on developing business strategies and policies. This work is concerned with revealing divergence and convergence of Internet businesses in their financial performance, given organizational conditions and cultural context. For this, we studied the association between static organizational attributes (core activity, origination, firm age, and industry type) and a firms financial performance (gross revenue and net income). Relevant data was gathered from representative Internet firms in Korea and U.S. Data analysis indicated that, besides industry type, overall connection between selected organizational variables and financial performance was weak. Cross-national comparison showed that Korean firms financial performance was comparable to U.S firms during the period of economic turbulence. A noticeable difference was that Korean Internet firms and their business models were more service-oriented than U.S. counterparts.

• 융복합기술연구소 논문집
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• 제3권2호
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• pp.17-21
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• 2013

Hot cross wedge rolling process as an incremental forming has many advantages such as the material usage, the short process time, the automatic equipment line and the low forming load. However, it occurs some defects such as the surface groove, the axis warping and the Mannesmann hole. In this paper, the defect of the Mannesmann hole was carried out. Finite element analysis was utilized to reveal the stress distribution, the rotation of the specimen and the change of section profile. Cross wedge rolling experiment was also conducted on the generation of the Mannesmann hole. It was demonstrated according to the spreading angle with respect to the various types of material. In the view point of metal flow, the smaller forming angle and the larger spreading angle increase opportunities of the defect hole generations.

• 한국정밀공학회지
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• 제26권11호
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• pp.124-130
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• 2009

In the multi-stage shape drawing process, the most important aspect for the economy is the correct design of the various drawing stage. For most of the products commonly available round or square materials can be used as initial material. However, special products should be pre-rolled. This study proposes a process design method of multi-stage shape drawing process for producing cross roller guide. Firstly, a standard classification of shape drawing process is suggested based on the requirement of pre-rolling process. And a design method is proposed to design the intermediate die shape. The process design method is applied to design the multi-stage shape drawing process for producing cross roller guide. Finally, the effectiveness of the proposed design method is verified by FE-analysis and shape drawing experiment.

• EDISON SW 활용 경진대회 논문집
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• 제5회(2016년)
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• pp.203-208
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• 2016

In this paper, vibration characteristics in terms of the airfoil cross-sectional shape was examined by using the EDISON co-rotational plane beam-transient analysis. Assuming aircraft wing as a cantilevered beam with a constant cross-sectional shape, natural frequencies of each airfoil shape was compared while varying airfoil maximum thickness and maximum camber length, using Fast Fourier Transformation(FFT). When the airfoil maximum thickness was varied, natural frequency showed peak value at 18% chord, and decreased afterwards. When the airfoil maximum camber length was varied, natural frequency either increased or decreased at 6% chord, while at 8% the natural frequency showed its maximum. Applying such trends to B-737 wing airfoil, an improved B-737_mod airfoil shape was obtained with regard to the vibration characteristics.

• 동력기계공학회지
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• 제17권3호
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• pp.35-43
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• 2013

Generally, the chassis of an indoor RAC is composed of a rear-guider and a stabilizer. The aerodynamic performance of a cross-flow fan is strongly influenced by the various design factors of the chassis of an indoor RAC. The purpose of this paper is to select the optimum design factors through the aerodynamic performance of a cross-flow fan. The design factors are the leading angle of a rear-guider (${\theta}_1$), a stabilizer setup angle(${\theta}_2$), a rear-guider clearance(${\epsilon}_1$), and a stabilizer clearance(${\epsilon}_2$), respectively. As a result, the optimum design factors of an indoor RAC can be presented as a combination of ${\theta}_1=33^{\circ}$, ${\theta}_2=55^{\circ}$, ${\epsilon}_1=6{\sim}8mm$, and ${\epsilon}_2=7mm$ through the analysis of a static pressure coefficient and a static pressure efficiency.

• 한국운동역학회지
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• 제21권3호
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• pp.259-268
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• 2011

This study aimed to examine the kinematic characteristics of the national elite cross-country skiers' double poling technique and to provide the quantitative data for better performance. Four male elite cross-country roller skiers skied maximum velocity with Double Pole technique. The cycle characteristics with angles of elbow, hip, and knee joint were analyzed. The results showed that CM velocity of the body was increased with the third cycle, the cycle time and length were also increased. The poling time and recovery time rate showed with 32.79%, 67.44% respectively. The joint angles with elbow, hip and knee were $106^{\circ}$, $133.14^{\circ}$ $156.87^{\circ}$ at pole in event, $158.94^{\circ}$, $65.7^{\circ}$, $140.19^{\circ}$ at pole out event. Elite skiers should decrease double poling time rate and increase recovery time rate in order to improve the double poling performance. The cycle length and velocity of the double poling should be increased for the better performance. The elbow angle should be minimized at pole in event with maximum extension until pole out event. The hip and knee angles should be increased for the recovery phase.

• 대한기계학회논문집B
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• 제22권7호
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• pp.1013-1021
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• 1998

Various vortical structures are investigated by using three kinds of flow visualization methods in branch pipe flows. There are two typical flow patterns when a jet from the branch pipe with various angles is injected to the main pipe cross flow. The velocity range of cross flow of the main pipe is 0.2 m/s ~ 1.2 m/s and the corresponding Reynolds number, R$_{p}$ is of the range 1.5 * 10$^{3}$ ~ 9.02 * 10$^{3}$. The velocity ratio(R), jet velocity/cross flow velocity, is chosen from 1.3 to 4. The subsequent behavior and development of the ring vortices which are created at the jet boundary mainly depend on the velocity ratio. An empirical relation for the shedding frequency of the ring vortices is derived. It is also found that there are two different vortex shedding mechanism in the mixing of two fluid streams.s.

• 동력기계공학회지
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• 제17권4호
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• pp.36-44
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• 2013

The aerodynamic performance of a cross-flow fan is strongly influenced by the various design factors of a rear-guider and a stabilizer. The design factors considered in this paper are a rear-guider clearance, a stabilizer clearance, and a stabilizer setup angle, respectively. Also, these factors are given to the various diameter ratio between a basic circle and a impeller. The static pressure and the flowrate of a cross-flow fan were measured with a fan-tester. It could be found that the useful design factors with a good aerodynamic performance exist in the certain assembly conditions of an indoor RAC. Therefore, it could be known that a new published patent determining the easy design of an indoor RAC can be applied in a variety of goods.